A practical, remote-first path for Canadian founders: choose the right US entity, get an EIN, open banking, budget the launch, and plan the Canada-US tax and immigration connection.
Canadian founders often choose between a Delaware C-Corp and a Wyoming LLC. The best answer depends on fundraising, ownership, where the team works, and whether the company has a real operating footprint in another state.
The conventional structure for venture-backed companies and a clean fit when you expect preferred stock, SAFEs, employee options, or an institutional exit.
A practical starting point for many bootstrapped, consulting, software-service, and remote businesses that do not need institutional equity yet.
Form the entity first, then apply for the EIN and open banking. Keep the Canadian owner, legal name, address, registered agent, and ownership records consistent.
A Canadian corporation can own the US entity, but intercompany agreements, transfer pricing, foreign-affiliate reporting, and banking evidence add complexity. Direct founder ownership can be simpler, but still needs Canada-US tax advice.
Entity choice affects tax, fundraising, banking, and immigration. If you plan to work physically in the United States, get immigration advice before assuming that owning a US company authorizes work.
Start with a provider that matches your remote setup. Approval is never guaranteed, but Canadian founders can present a strong file when the entity, EIN, ownership, address, website, and business model line up.
| Provider | Best fit | Canadian founder notes | Typical access |
|---|---|---|---|
| Mercury | Remote-first operating account | Often the cleanest first application for a Canadian-owned US LLC or C-Corp. Submit the EIN letter, formation documents, passport, ownership details, and live website. | EIN / agent |
| Relay | Teams and sub-accounts | Useful for separating operating cash, tax reserves, and contractor payments. Keep source-of-funds details consistent. | Remote-first |
| TD Bank US | Existing TD relationship | Canadian TD customers may find the cross-border relationship useful. Requirements vary by product, entity, US presence, and branch review. | Relationship-led |
| RBC Bank (US) | Canada-US continuity | Can fit a founder already banking with RBC or maintaining both Canadian and US operations. | Relationship-led |
| Wise Business | USD/CAD collection and FX | A useful companion for cross-border invoices and transfers. It is not a substitute for every US banking or payment need. | Companion |
Check current country eligibility, account features, required documents, and rejection triggers before you apply.
These are planning ranges, not a quote. State fees, registered-agent pricing, banking products, exchange rates, and professional scope vary by entity and activity.
| Cost line | Typical first-year range | Ongoing range | What changes it |
|---|---|---|---|
| State formation | $90–$300 | — | Delaware C-Corp, Delaware LLC, and Wyoming LLC filing fees differ; expedited filing costs extra. |
| Registered agent | $50–$300 | $50–$300/yr | Some formation packages include year one; mail handling and privacy services can cost more. |
| State renewal | $60–$400+ | $60–$400+/yr | Wyoming annual report fees are commonly lower; Delaware franchise tax depends on entity and method. |
| EIN and BOI | $0 DIY | $0 DIY | Government filings are generally free; providers may charge for assistance. |
| Business banking | $0–$240 | $0–$240/yr+ | Free tiers may be available; paid features, wires, cards, and FX vary. |
| Tax and compliance support | $500–$3,000+ | $500–$3,000+/yr | Form 5472, C-Corp returns, Canadian advice, payroll, sales tax, and volume drive scope. |
| Planning total | $300–$1,000 DIY / $1,500–$5,000 supported | $600–$3,500+/yr | Use the low end for a simple Wyoming launch; the high end for a Delaware C-Corp and coordinated support. |
Run the Total Cost Calculator → to model your state and entity combination.
Delaware and Wyoming are formation choices, not a blanket exemption from the rules where the business actually operates. A physical office, employees, inventory, or sustained activity elsewhere may require foreign qualification and local tax registrations.
Use a Delaware C-Corp for institutional fundraising, preferred stock, option plans, or a conventional startup exit.
Use a Wyoming LLC for many bootstrapped consultancies, software services, and remote businesses with no immediate VC requirement.
If the company has a real office, employees, inventory, or sustained activity in California, New York, Texas, Florida, Washington, or elsewhere, model local registration before defaulting to Delaware or Wyoming.
This playbook is educational research, not legal, tax, immigration, accounting, or banking advice. Treaty rates, BOI rules, visa eligibility, filing deadlines, and state fees change. Confirm the current rules and your facts with qualified Canada-US tax advisers and corporate or immigration counsel before forming, funding, or operating the company.
Once the ownership and entity decision is clear, most remote-first launches can move through this sequence in parallel.
Decide whether VC, a remote service business, a Canadian parent, or a US physical footprint is driving the structure. Use the state selector if unclear.
1–3 daysKeep the Canadian owner, US entity, and registered-agent records consistent. Save stamped documents, bylaws or operating agreement, and ownership records.
1–5 business daysUse the phone or fax process if you do not have an SSN or ITIN. Save the confirmation letter and use the exact legal name everywhere.
Same day by phone; longer by faxReview the current FinCEN rule, then apply to Mercury or Relay. Add TD Bank US, RBC Bank, or Chase when the relationship or transaction needs justify it.
3–10 business daysBefore first revenue or dividend, map treaty forms, federal returns, state renewals, Canadian reporting, and whether TN, E-2, L-1, O-1, or remote operation fits your plans.
Before launch and every yearGet a free readiness assessment, then choose the level of formation, banking, and cross-border planning support that fits your company.